You can still qualify for an ERC refund check, even if you had a PPP or PPP-2 loan. While the CARES Act originally prohibited having both an ERC and a PPP loan, the stimulus legislation recently passed (Consolidated Appropriations Act of 2021) eliminated this prohibition retroactive to March 13, 2020. Your business can now have both a PPP loan and ERC refund, however, special calculations around payroll wages and attribution is required. Square Kilometer provides these calculations and all required schedules as part of a professional engagement.
You're likely eligible for up to $26k per employee
4 Signs That You're Eligible:
Your business is in the United States
Your business was affected by the Pandemic in some way (weren’t we all)
Your business had at least 10 full time W2 employees
You have not yet claimed your ERC tax rebate
Are You Eligible? Let us find out?
Millions Back To Business
Frequently asked questions
I did not have a revenue reduction, am I disqualified?
There is not a necessity for a 25% reduction in revenue like PPP-2 if you can demonstrate a partial interruption in business operations. There are many ways business fully or partially suspended operations during each calendar quarter, and we help you document qualifying partial suspensions as part of an engagement. This includes, for example, capacity restrictions on indoor dining, canceled trade shows and group meetings, and other interruptions that are non-nominal in nature.
If your business had to change operations due to governmental orders or if gross receipts declined by 20%, your business likely qualifies. A change in operations could mean extra cleaning or sanitizing, limiting capacity or reducing hours, installing/utilizing protective equipment, temperature checks, or operational impact related to key suppliers or customers. For example, a law firm may have no longer been able to do in-person court hearings or in-person depositions, and cases may have been delayed, even if the firm continued to operate.
What constitutes a partial suspension of operations?
A partial suspension of operations can take many forms. Here are some common examples we see in businesses like yours:
Unable to attend trade shows in-person (“travel or group meetings”)
Had staff go from in-office to work-from-home and had an impact
Retail or restaurant that reduced the number of customers allowed inside
Closed down a department or business unit while other units continued to operate
There are many ways business fully or partially suspended operations during each calendar quarter, and we help you document this as part of an engagement.
How long does it take?
Our Experts usually take 1-2 weeks to process your payroll, reconcile any PPP covered period overlap, and build out the attribution schedules. We will then file your forms with the IRS who will take between 8-12 weeks to process your tax credit and send you a check.
Can I get my money faster?
Yes. We have a special Fund it now program where you get your money not in 8 to 12 weeks but in 1 week.
I am pretty busy. What is my involvement?
After processing thousands of PPP forgiveness applications and ERC credits Square Kilometer have perfected our process to ensure your time is well spent and keep at a minimum. Our ERC process only requires a short 15-minute call with you to review expectations, confirm our questionnaire responses and pull down payroll reports.